Cash BACK at CLOSING? 9 Arrested in CA..

It would be nice if we could get the actual addresses of the properties owned by these people. You could probably pick some of them up at some good prices.

I just read about a guy in my state that is getting hammered with tax evasion, trying to move the properties around between multiple entities to keep the IRS and the banks from getting at them. Amazing stuff.

Thanks for the link,

-Michael

Edited: 06/26/2010 at 05:24AM

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CJ Green

Real Estate Consultant · Aventura, Florida

4 posts
1 Award

Icon_minipost May 07 '09, 09:27 AM

Ironic that Joe Soap is held accountable but our banking executives who helped perpetuate the biggest ponzi scheme this country has ever seen aren't.

Edited: 06/26/2010 at 08:10AM

Lee Common

Real Estate Consultant · San Antonio, Texas

558 posts
579 Influence
4 Awards

Icon_minipost May 08 '09, 02:51 AM

I'm with CJ & Dan on this one

" One of the aspects of most mortgage fraud schemes that is so troubling, is that it depends on the collusion of industry insiders," Delaney said during a news conference at the U.S. Attorney's office. " In most cases, one person cannot perpetrate the fraud."

What about the lenders and banks who authorized the lending practices that facilitated this? They have no responsibility.

The establishment made it possible and now that things go bad it's not their fault. It's the evil mortgage brokers going down over what 100 M in total fraud.

That is a pittance of the real fraud that took place.

Lee

Edited: 06/26/2010 at 08:10AM

Dick Green

Residential Real Estate Broker · Conroe, Texas

1596 posts
1347 Influence
4 Awards

Icon_minipost May 09 '09, 03:50 AM

My goodness, there's plenty of clean business. This kind of stuff is bad for the entire industry. Especially when it's perpetrated by a group of individuals

Edited: 06/26/2010 at 08:10AM

Gary Smith

Real Estate Investor · Sacramento, California

19 posts
28 Influence
1 Award

Icon_minipost May 22 '09, 11:52 AM

How many people have posted on the forum about lying about the occupancy status?

Edited: 06/26/2010 at 08:18AM by Gary Smith

Jeff and Cheray Warner

Real Estate Investor · Grants Pass, Oregon

493 posts
3980 Influence
7 Awards

Icon_minipost May 22 '09, 02:44 PM

Perhaps the owners ot the site should close it down for "maintenance"

Yes, they aren't going after the people higher up. How about our wonderful government? And at the state of the union speech, Bush would say how great things were going...."Homeownership has never been higher". Yea, because he perpetuated a lot of the fraud that made Home ownership possible.

Equity_Man,

Maybe so but don't forget about the Clinton administration who allowed the illegal formation of Citi Group, then later repealed the Glass-Steagall act of 1933 which was put in place to keep banks from selling investments. And, isn't interesting that Robert Rubin, Clinton's secretary of the treasury was hired as Chairmen of Citi Group shortly after that?

I agree that Bush spent money like a drunken sailor at a titty bar, just don't forget he's not the only one. I could talk all day about all the BS these politicians are engaged in. The bottom line is they can't be trusted and we should not rely on them to make any positive "change" in our lives. Ok, I'm done with politics and back to Real Estate.

Jeff

Edited: 06/26/2010 at 08:19AM by Jeff and Cheray Warner